Brandywine Realty Trust Announces $0.32 FFO per Diluted Share for the Second Quarter 2015, 2015 FFO Guidance Remains at $1.40 to $1.46 per Diluted Share, Share Repurchase Program and Increases Property Disposition Plan

Jul 22, 2015, 16:15 ET from Brandywine Realty Trust

RADNOR, Pa., July 22, 2015 /PRNewswire/ -- Brandywine Realty Trust (NYSE: BDN) today reported its financial and operating results for the three and six-month periods ended June 30, 2015.

2nd Quarter Highlights

      Financial Results

  • Funds from Operations (FFO); $57.4 million, or $0.32 per share.
  • Net income available to common shareholders; $1.3 million, or $0.01 per share.

      Portfolio Results

  • Core portfolio was 91.7% occupied and 94.4% leased.
  • Signed 1,556,000 square feet of new and renewal leases.
  • Achieved 78.2% tenant retention ratio.
  • Rental rate market-to-market increased 6.7% / 1.5% on GAAP/Cash basis.
  • Increased 2015 speculative revenue by $0.7 million, or 2.1%, and have completed 98% of revised target.

      Dispositions

  • Sold seven office properties located in Delaware, Oakland, California and Richmond, Virginia for $119.2 million.  The seven properties totaled 765,000 square feet and were 71.0% occupied.

      Development / Investment Activity

  • Delivering Encino Trace I, 160,000 square foot building located in Austin, Texas, 100% leased.
  • Signed a new 228,000 square foot lease at our 1900 Market Street, Philadelphia, Pennsylvania redevelopment project.
  • Increased our disposition target from $180.0 million to $300.0 million.  In addition, we have approximately $40 million of land under contract or letter of intent to sell.
  • Acquired the remaining 50% ownership interest in Broadmoor Austin Associates and the underlying 66 acre fee interest for $92.6 million cash.  In addition, we assumed and repaid a secured mortgage totaling $51.2 million.
  • Acquired land parcels located at the 2100 Market Street block in Philadelphia, Pennsylvania in July 2015 for $18.8 million.
  • Entered into a joint venture arrangement with The JBG Companies to acquire a 70% interest in two vacant land parcels located in the NOMA sub-market of Washington, DC for $28.4 million.  Both Brandywine and The JBG Companies will have co-developer responsibilities.
  • Acquired a land parcel in Capitol Riverfront submarket of Washington, DC in April 2015 for $20.0 million.  The site can accommodate a 271,000 square foot office building.  Subsequent to the acquisition, we contributed the property into a joint venture with Akridge serving as co-developer and having a 5% ownership interest.

      Finance / Capital Markets

  • Extended our $600.0 million unsecured revolving credit facility through May 2019.
  • Announces a Share Repurchase Program up to $100.0 million.
  • No outstanding balance on our $600.0 million unsecured revolving credit facility.
  • $124.0 million of cash and cash equivalents.

Management Comments "During the second quarter, we continued to make excellent progress on our 2015 business plan," stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust.  "We continue to capitalize on improving market conditions and raised our speculative revenue target by 2.1% having already achieved 98% of our 2015 speculative revenue target.  We have also seen an acceleration in our portfolio disposition program and given the current strength of the investment market, have increased our sales goal to $300.0 million.  Given our strong operating results coupled with our accelerated dispositions, we are maintaining our 2015 FFO guidance range to $1.40 to $1.46 per diluted share."

Results for the Three and Six Month Period Ended June 30, 2015 FFO available to common shares and units in the second quarter of 2015 totaled $57.4 million or $0.32 per diluted share versus $57.3 million or $0.36 per diluted share in the second quarter of 2014.  Our second quarter 2015 payout ratio ($0.15 common share distribution / $0.32 FFO per diluted share) was 46.9%. 

Net income allocated to common shares totaled $1.3 million or $0.01 per diluted share in the second quarter of 2015 compared to a net income of $0.4 million or $0.00 per diluted share in the second quarter of 2014.

In the second quarter of 2015, our Net Operating Income (NOI) excluding termination revenues and other income items increased 1.7% on a GAAP basis and increased 1.3% on a cash basis for our 184 same store properties, which were 91.2% and 89.1% occupied on June 30, 2015 and June 30, 2014, respectively.

Our FFO available to common shares and units in the first six months of 2015 totaled $115.8 million or $0.64 per diluted share versus $110.9 million or $0.69 per diluted share in the first six months of 2014.  Our first six months 2015 FFO payout ratio ($0.30 common share distribution / $0.64 FFO per diluted share) was 46.9%.

Net income allocated to common shares totaled $8.0 million or $0.04 per diluted share in the first six months of 2015 compared to net loss of $3.7 million or ($0.02) per diluted share in the first six months of 2014.

Operating and Leasing Activity We leased approximately 1,556,000 square feet and commenced occupancy on 506,000 square feet during the second quarter of 2015.  The second quarter occupancy activity includes 123,000 square feet of renewals, 262,000 square feet of new leases and 121,000 square feet of tenant expansions.  We have an additional 636,000 square feet of executed new leasing scheduled to commence subsequent to June 30, 2015.

We achieved a 78.2% tenant retention ratio in our core portfolio with net absorption of 194,000 square feet during the second quarter of 2015.  Second quarter rental rate growth increased 6.7% as our renewal rental rates increased 9.5% and our new lease/expansion rental rates increased 3.6%, all on a GAAP basis.

At June 30, 2015, our core portfolio of 193 properties comprising 23.6 million square feet was 91.7% occupied and we are now 94.4% leased (reflecting new leases commencing after June 30, 2015).

Share Repurchase Program The Company's Board of Trustees approved a Share Repurchase Program authorizing the Company to repurchase up to $100 million of its outstanding common and preferred stock.  The Repurchase Program will be funded through the Company's existing cash.

Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements.  The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors.  The program may be suspended or discontinued at any time.

Distributions On May 28, 2015, our Board of Trustees declared a quarterly dividend distribution of $0.15 per common share that was paid on July 20, 2015 to shareholders of record as of July 6, 2015.  Our Board also declared a quarterly dividend distribution of $0.43125 for each 6.90% Series E Cumulative Redeemable Preferred Share that was paid on July 15, 2015 to holders of record as of June 30, 2015.

2015 Earnings and FFO Guidance Based on current plans and assumptions and subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings, we are maintaining our previously issued 2015 guidance of $1.40 to $1.46 per diluted share.  This guidance is provided for informational purposes and is subject to change.  The following is a reconciliation of the calculation of 2015 FFO and earnings per diluted share:

Guidance for 2015

Range

Earnings per diluted share allocated to common shareholders 

$0.13

to 

$0.19

Plus:  real estate depreciation and amortization 

1.27

1.27

FFO per diluted share

$ 1.40

to 

$ 1.46

Less: non-cash tax credit financing income

$(0.11)

$(0.11)

Adjusted FFO per diluted share 

$1.29

to 

$1.35

 

Our 2015 FFO guidance does not include income arising from the sale of undepreciated real estate.  Our 2015 earnings and FFO per diluted share each reflect $0.11 per diluted share of non-cash income attributable to the fifth of five annual recognitions of 20% of the net benefit of the rehabilitation tax credit financing and one-time non-cash income from a new market tax credit, which are related to the 30th Street Post Office and Cira South Garage respectively.  Other key assumptions include:

  • Occupancy improving to a range of 92 – 93% by year-end 2015 with 93.5 – 94.5% leased;
  • 7.0 – 8.0% GAAP increase in overall lease rates with a resulting 3.0 – 5.0% increase in 2015 same store NOI GAAP;
  • 2.0 – 4.0% increase in 2015 same store cash NOI growth;
  • $250.0 million of aggregate acquisition activity at an assumed 7.0% GAAP capitalization rate;
  • $300.0 million of aggregate sales activity; and
  • FFO per diluted share based on 182.1 million fully diluted weighted average common shares.

About Brandywine Realty Trust Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States.  Organized as a real estate investment trust and operating in select markets, Brandywine owns, leases and manages an urban, town center and transit-oriented office portfolio comprising 281 properties and 33.2 million square feet as of June 30, 2015. For more information, please visit www.brandywinerealty.com.

Conference Call and Audio Webcast BDN management will discuss updated earnings guidance for fiscal 2015 on Thursday, July 23, 2015, during the company's earnings call.  The conference call will begin at 9:00 a.m. Eastern Time and will last approximately one hour.  This call will be accessed by calling 1-800-683-1525 and referencing conference ID #41177682.  Beginning two hours after the conference call, a taped replay of the call can be accessed 24 hours a day through Thursday, August 6, 2015 by calling 1-855-859-2056 and providing access code #41177682.  In addition, the conference call can be accessed via a webcast located on our website at www.brandywinerealty.com.

Looking Ahead - Third Quarter 2015 Conference Call We anticipate we will release our third quarter 2015 earnings on Wednesday, October 21, 2015, after the market close and will host our third quarter 2015 conference call on Thursday, October 22, 2015 at 9:00 a.m. Eastern Time.  We expect to issue a press release in advance of these events to reconfirm the dates and times and provide all related information.

Forward-Looking Statements Estimates of future earnings per share, FFO per share, common share dividend distributions and certain other statements in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our and our affiliates' actual results, performance, achievements or transactions to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements.  Such risks, uncertainties and other factors relate to, among others: our ability to lease vacant space and to renew or relet space under expiring leases at expected levels; competition with other real estate companies for tenants; the potential loss or bankruptcy of major tenants; interest rate levels; the availability of debt, equity or other financing; risks of acquisitions, dispositions and developments, including the cost of construction delays and cost overruns; unanticipated operating and capital costs; our ability to obtain adequate insurance, including coverage for terrorist acts; dependence upon certain geographic markets; and general and local economic and real estate conditions, including the extent and duration of adverse changes that affect the industries in which our tenants operate. Additional information on factors which could impact us and the forward-looking statements contained herein are included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2014. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law.

Non-GAAP Supplemental Financial Measures We compute our financial results in accordance with generally accepted accounting principles (GAAP).  Although FFO and NOI are non-GAAP financial measures, we believe that FFO and NOI calculations are helpful to shareholders and potential investors and are widely recognized measures of real estate investment trust performance.  At the end of this press release, we have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measure.

Funds from Operations (FFO) We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than us.  NAREIT defines FFO as net income (loss) before non-controlling interests and excluding gains (losses) on sales of depreciable operating property, impairment losses on depreciable consolidated real estate, impairment losses on investments in unconsolidated real estate ventures and extraordinary items (computed in accordance with GAAP); plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after similar adjustments for unconsolidated joint ventures.  Net income, the GAAP measure that we believe to be most directly comparable to FFO, includes depreciation and amortization expenses, gains or losses on property sales, extraordinary items and non-controlling interests.  To facilitate a clear understanding of our historical operating results, FFO should be examined in conjunction with net income (determined in accordance with GAAP) as presented in the financial statements included elsewhere in this release.  FFO does not represent cash flow from operating activities (determined in accordance with GAAP) and should not be considered to be an alternative to net income (loss) (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders.

Net Operating Income (NOI) NOI is a non-GAAP financial measure equal to net income available to common shareholders, the most directly comparable GAAP financial measure, plus corporate general and administrative expense, depreciation and amortization, interest expense, non-controlling interests and losses from early extinguishment of debt, less interest income, development and management income, gains from property dispositions, gains on sale from discontinued operations, gains on early extinguishment of debt, income from discontinued operations, income from unconsolidated joint ventures and non-controlling interests.  In some cases, we also present NOI on a cash basis, which is NOI after eliminating the effect of straight-lining of rent and deferred market intangible amortization.  NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently.  NOI should not be considered an alternative to net income as an indication of our performance, or as an alternative to cash flow from operating activities as a measure of our liquidity or ability to make cash distributions to shareholders.

 

BRANDYWINE REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(in thousands)

June 30,

December 31,

2015

2014

(unaudited)

ASSETS

Real estate investments:

Operating properties

$      4,700,839

$      4,603,692

Accumulated depreciation

(1,088,681)

(1,067,829)

Rental property, net

3,612,158

3,535,863

Construction-in-progress

263,772

201,360

Land inventory

119,995

90,603

Real estate investments, net

3,995,925

3,827,826

Cash and cash equivalents

123,982

257,502

Accounts receivable, net

22,294

18,757

Accrued rent receivable, net

138,905

134,051

Assets held for sale, net

-

18,295

Investment in real estate ventures, at equity

201,034

225,004

Deferred costs, net

126,567

125,224

Intangible assets, net

137,290

99,403

Note receivable

-

88,000

Other assets

68,313

65,111

Total assets

$      4,814,310

$      4,859,173

LIABILITIES AND EQUITY

Mortgage notes payable

$         646,512

$         654,590

Unsecured term loans

200,000

200,000

Unsecured senior notes, net of discounts

1,597,267

1,596,718

Accounts payable and accrued expenses

98,897

96,046

Distributions payable

29,021

28,871

Deferred income, gains and rent

54,595

59,452

Acquired lease intangibles, net

31,565

26,010

Liabilities related to assets held for sale

-

602

Other liabilities

40,647

37,558

Total liabilities

2,698,504

2,699,847

Brandywine Realty Trust's equity:

Preferred shares - Series E

40

40

Common shares

1,799

1,793

Additional paid-in capital

3,317,751

3,314,693

Deferred compensation payable in common stock

11,996

6,219

Common shares held in grantor trust

(11,996)

(6,219)

Cumulative earnings

541,079

529,487

Accumulated other comprehensive loss

(5,651)

(4,607)

Cumulative distributions

(1,758,294)

(1,700,579)

Total Brandywine Realty Trust's equity

2,096,724

2,140,827

Non-controlling interests

19,082

18,499

Total equity

2,115,806

2,159,326

Total liabilities and equity

$      4,814,310

$      4,859,173

 

BRANDYWINE REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except share and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2015

2014

2015

2014

Revenue

Rents

$           119,127

$           121,622

$           239,537

$           243,293

Tenant reimbursements

19,799

20,502

42,453

43,962

Termination fees

828

3,349

1,464

5,552

Third party management fees, labor reimbursement and leasing

4,659

4,187

8,531

8,337

Other

1,235

840

4,069

1,470

Total revenue

145,648

150,500

296,054

302,614

Operating Expenses

Property operating expenses

42,704

43,136

89,281

89,937

Real estate taxes

11,968

12,841

24,513

26,298

Third party management expenses

1,677

1,730

3,253

3,446

Depreciation and amortization

50,930

52,587

102,041

105,157

General & administrative expenses

6,791

6,005

15,427

14,186

Total operating expenses

114,070

116,299

234,515

239,024

Operating income

31,578

34,201

61,539

63,590

Other income (expense)

Interest income

313

385

1,063

770

Interest expense

(27,895)

(31,512)

(56,071)

(63,356)

Amortization of deferred financing costs

(1,288)

(1,197)

(2,367)

(2,386)

Interest expense - financing obligation

(324)

(316)

(610)

(588)

Equity in loss of real estate ventures

(873)

(489)

(742)

(247)

Net gain on disposition of real estate

1,571

-

10,590

-

Net gain (loss) on sale of undepreciated real estate

-

(3)

-

1,184

Net gain from remeasurement of investment in real estate ventures

758

458

758

458

Net loss on real estate venture transactions

-

(282)

-

(417)

Provision for impairment on assets held for sale/sold

(782)

-

(2,508)

-

Net income (loss) from continuing operations 

3,058

1,245

11,652

(992)

Discontinued operations:

Income from discontinued operations

-

26

-

18

Net gain on disposition of discontinued operations

-

903

-

903

Total discontinued operations

-

929

-

921

Net income (loss)

3,058

2,174

11,652

(71)

Net income from discontinued operations attributable

to non-controlling interests - LP units

-

(10)

-

(10)

Net loss attributable to non-controlling interests - partners' share

of consolidated real estate ventures

5

24

5

12

Net (income) loss from continuing operations attributable to

 non-controlling interests - LP units

(7)

5

(65)

49

Net (income) loss attributable to non-controlling interests

(2)

19

(60)

51

Net income (loss) attributable to Brandywine Realty Trust

3,056

2,193

11,592

(20)

Preferred share distributions

(1,725)

(1,725)

(3,450)

(3,450)

Nonforfeitable dividends allocated to unvested restricted shareholders

(76)

(83)

(177)

(186)

Net income (loss) attributable to common shareholders

$               1,255

$                 385

$               7,965

$              (3,656)

PER SHARE DATA

Basic income (loss) per common share

$                0.01

$                0.00

$                0.04

$               (0.02)

Basic weighted-average shares outstanding

179,860,284

157,037,348

179,712,428

156,916,356

Diluted income (loss) per common share

$                0.01

$                0.00

$                0.04

$               (0.02)

Diluted weighted-average shares outstanding

180,538,887

157,037,348

180,599,265

156,916,356

 

 

BRANDYWINE REALTY TRUST

FUNDS FROM OPERATIONS

(unaudited, in thousands, except share and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2015

2014

2015

2014

Reconciliation of Net Income to Funds from Operations:

Net income (loss) attributable to common shareholders

$           1,255

$              385

$           7,965

$          (3,656)

Add (deduct):

Net income (loss) attributable to non-controlling interests - LP units

7

(5)

65

(49)

Nonforfeitable dividends allocated to unvested restricted shareholders

76

83

177

186

Net loss on real estate venture transactions

-

282

-

417

Net income from discontinued operations allocated to non-controlling

-

10

-

10

     interests - LP units

Net gain on disposition of real estate

(1,571)

-

(10,590)

-

Net gain on disposition of discontinued operations

-

(903)

-

(903)

Net gain from remeasurement of investment in real estate ventures

(758)

(458)

(758)

(458)

Provision for impairment on assets held for sale/sold

782

-

2,508

-

Depreciation and amortization:

   Real property - continuing operations

39,294

40,964

79,790

81,641

   Leasing costs including acquired intangibles - continuing operations

11,536

11,578

22,074

23,437

   Company's share of unconsolidated real estate ventures

6,969

5,586

15,082

10,794

   Partners' share of consolidated joint ventures

(59)

(52)

(113)

(101)

Funds from operations

$         57,531

$         57,470

$       116,200

$       111,318

Funds from operations allocable to unvested restricted shareholders

(162)

(201)

(380)

(436)

Funds from operations available to common share and unit holders (FFO)

$         57,369

$         57,269

$       115,820

$       110,882

FFO per share - fully diluted

$             0.32

$             0.36

$             0.64

$             0.69

Weighted-average shares/units outstanding - fully diluted

182,073,989

160,330,365

182,134,367

160,130,850

Distributions paid per common share

$             0.15

$             0.15

$             0.30

$             0.30

 FFO payout ratio (distributions paid per common share / FFO per diluted share)

46.9%

41.7%

46.9%

43.5%

 

BRANDYWINE REALTY TRUST

SAME STORE OPERATIONS - 2nd QUARTER

(unaudited and in thousands)

Of the 199 properties owned by the Company as of June 30, 2015, a total of 184 properties ("Same Store Properties") containing an aggregate of 22.3 million net rentable square feet were owned for the entire three-month periods ended June 30, 2015 and 2014.  Average occupancy for the Same Store Properties was 90.9% during 2015 and 89.1% during 2014. The following table sets forth revenue and expense information for the Same Store Properties:

Three Months Ended June 30,

2015

2014

Revenue

Rents

$           114,602

$           112,084

Tenant reimbursements

19,041

18,618

Termination fees

828

3,349

Other

714

529

135,185

134,580

Operating expenses

Property operating expenses

42,007

40,601

Real estate taxes

11,177

11,521

Net operating income

$             82,001

$             82,458

Net operating income - percentage change over prior year

-0.6%

Net operating income, excluding net termination fees and other

$             80,844

$             79,491

Net operating income, excluding net termination fees and other - percentage change over prior year

1.7%

Net operating income             

$             82,001

$             82,458

     Straight line rents

(4,882)

(3,437)

     Above/below market rent amortization

(942)

(1,498)

     Non-cash ground rent

22

22

Cash - Net operating income

$             76,199

$             77,545

Cash - Net operating income - percentage change over prior year

-1.7%

Cash - Net operating income, excluding net termination fees and other

$             74,657

$             73,667

Cash - Net operating income, excl. net termination fees and other - percentage change over prior year

1.3%

The following table is a reconciliation of Net Income to Same Store net operating income:

Three Months Ended June 30,

2015

2014

Net income:

$               3,058

$               2,174

Add/(deduct):

Interest income

(313)

(385)

Interest expense

27,895

31,512

Amortization of deferred financing costs

1,288

1,197

Interest expense - financing obligation

324

316

Equity in Loss of real estate ventures

873

489

Net gain on disposition of real estate

(1,571)

-

Net loss on sale of undepreciated real estate

-

3

Net gain from remeasurement of investment in RE ventures

(758)

(458)

Net loss on real estate venture transactions

-

282

Provision for impairment on assets held for sale/sold

782

-

Depreciation and amortization

50,930

52,587

General & administrative expenses

6,791

6,005

Total discontinued operations

-

(929)

Consolidated net operating income

89,299

92,793

Less:  Net operating income of non same store properties

(2,524)

(2,121)

Less:  Eliminations and non-property specific net operating income

(4,774)

(8,214)

Same Store net operating income

$             82,001

$             82,458

 

BRANDYWINE REALTY TRUST

SAME STORE OPERATIONS - SIX MONTHS

(unaudited and in thousands)

Of the 199 properties owned by the Company as of June 30, 2015, a total of 184 properties ("Same Store Properties") containing an aggregate of 22.3 million net rentable square feet were owned for the entire six-month periods ended June 30, 2015 and 2014.  Average occupancy for the Same Store Properties was 90.8% during 2015 and 88.8% during 2014. The following table sets forth revenue and expense information for the Same Store Properties:

Six Months Ended June 30,

2015

2014

Revenue

Rents

$           228,601

$           223,456

Tenant reimbursements

40,646

39,581

Termination fees

1,464

5,552

Other

2,363

934

273,074

269,523

Operating expenses

Property operating expenses

86,599

84,153

Real estate taxes

22,773

23,409

Net operating income

$           163,702

$           161,961

Net operating income - percentage change over prior year

1.1%

Net operating income, excluding net termination fees and other

$           160,581

$           157,334

Net operating income, excluding net termination fees and other - percentage change over prior year

2.1%

Net operating income             

$           163,702

$           161,961

     Straight line rents

(11,034)

(6,739)

     Above/below market rent amortization

(1,867)

(3,132)

     Non-cash ground rent

44

44

Cash - Net operating income

$           150,845

$           152,134

Cash - Net operating income - percentage change over prior year

-0.8%

Cash - Net operating income, excluding net termination fees and other

$           147,018

$           145,648

Cash - Net operating income, excl. net termination fees and other - percentage change over prior year

0.9%

The following table is a reconciliation of Net Income (Loss) to Same Store net operating income:

Six Months Ended June 30,

2015

2014

Net income (loss):

$             11,652

$                  (71)

Add/(deduct):

Interest income

(1,063)

(770)

Interest expense

56,071

63,356

Amortization of deferred financing costs

2,367

2,386

Interest expense - financing obligation

610

588

Equity in Loss of real estate ventures

742

247

Net gain on disposition of real estate

(10,590)

-

Net gain on sale of undepreciated real estate

-

(1,184)

Net gain from remeasurement of investment in RE ventures

(758)

(458)

Net loss on real estate venture transactions

-

417

Provision for impairment on assets held for sale/sold

2,508

-

Depreciation and amortization

102,041

105,157

General & administrative expenses

15,427

14,186

Total discontinued operations

-

(921)

Consolidated net operating income

179,007

182,933

Less:  Net operating income of non same store properties

(4,792)

(4,151)

Less:  Eliminations and non-property specific net operating income

(10,513)

(16,821)

Same Store net operating income

$           163,702

$           161,961

 

 

 

SOURCE Brandywine Realty Trust



RELATED LINKS

http://www.brandywinerealty.com